- Tuesday, Norse Corp. named Howard A. Bain III the company’s new CEO, president and interim CFO. Bain previously worked as the chairman of the board and interim CEO for Violin Memory, a data storage manufacturer.
- The leadership change comes after the struggling cybersecurity company missed its 2015 sales forecast by what Bain calls a "substantial amount," though the company does not release its sales data, according to the Wall Street Journal. Following the missed sales, Norse dismissed Sam Glines, its co-founder and CEO at the time.
- The company also named four new members to the board Tuesday.
Norse is a threat intelligence cybersecurity firm, with customers like the U.S. Department of Energy. The company uses global network of sensors that analyze Internet traffic looking for sources of digital attacks.
But 2015 was a rough year for the company. In addition to missing its sales forecast, the company also laid off almost half of its employees and struggled with investing. To top it off, the company was the victim of a DNS attack where hackers took its website, attack map and email offline for about a week, the Journal reported.
As Brian Krebs aptly put it in his Jan. 16 article, Norse was "imploding."
With the cybersecurity solutions in high demand, it’s difficult to see why Norse would be struggling. Bain said to the Journal that some of the company’s issues can be attributed to an “aggressive” burn rate as the company tried to improve the product. The company has also been criticized for poor investments, irresponsible spending and for the poor quality of data its sensors provide.